Lots of individuals while buying condominium conversions don't realize that the property they are buying is different from a newly assembled unit. This usually means the financial exposure for repairs and replacements can be much higher.
New condos, built from the ground up, are constructed with the building materials of now and have to conform to today's more strict building codes.
The status of converted condos can vary low. An elderly apartment complex converted to condos could have wear and tear and may have structural faults unknown at closing. These problems can become a real hindrance later on.
Newer apartments which were converted to condos in the past few years were likely constructed under the latest building codes and possess new building components, mechanical systems and interior finishes. All these really are a safer bet and you'll want to discover the year when the original structure was built. If you are looking for condo then you can choose newly built NYC luxury condos there you will find all the amenities you wish to have.
Many older buildings have been converted as well.
Other programmers simply do "cosmetic rehabs," leaving the building elements as is and merely sprucing up the property to make units more pliable.
Buyers beware. Are you buying a fully renovated building that was taken to the casing, or are you purchasing a construction that someone just slapped some paint on and put in a couple of new windows?